What property does not pass under a will in West Virginia?
When it comes to estate planning in West Virginia, it's crucial to understand which assets may not pass under a will. Knowing what property bypasses a will can help individuals ensure their assets are distributed according to their wishes. In West Virginia, certain types of property are exempt from probate and pass directly to beneficiaries. Let's delve into the specifics of what property does not pass under a will in the Mountain State.
Joint Property
One type of property that does not pass under a will in West Virginia is joint property. When property is held jointly with rights of survivorship, it automatically passes to the surviving joint owner upon the death of the other owner. This means that the property does not form part of the deceased owner's estate and is not subject to the terms of their will.
Legal Reference: West Virginia Code § 42-6-1
Life Insurance Policies
Proceeds from life insurance policies are another example of assets that bypass a will in West Virginia. Life insurance policies typically allow the policyholder to designate one or more beneficiaries to receive the death benefit upon the policyholder's passing. These proceeds are paid directly to the named beneficiaries and are not considered part of the probate estate.
Legal Reference: West Virginia Code § 33-6-1
Trusts
Assets held in a trust are also exempt from passing under a will in West Virginia. A trust is a legal arrangement where a trustee holds assets on behalf of beneficiaries. The terms of the trust dictate how the assets are to be managed and distributed. Since the assets are owned by the trust, they do not go through probate and are not governed by the terms of a will.
Legal Reference: West Virginia Code § 44D-4-401
Final Distribution of Assets
Understanding what property does not pass under a will in West Virginia is essential for effective estate planning. By being aware of which assets bypass probate, individuals can ensure that their property is distributed according to their wishes and avoid potential conflicts or delays in the distribution process.
Proper estate planning, including the use of trusts and beneficiary designations, can help individuals achieve their desired distribution of assets and provide for their loved ones in the most efficient manner possible.
Buried in Work's Additional Resources
Buried in Work provides West Virginia state-specific service provider directories and information related to estate preparation, end-of-life tasks, and estate transition information. Click here to learn more.